First Trust Advisors LP Lowers Position in PACCAR Inc. $PCAR

First Trust Advisors LP trimmed its position in shares of PACCAR Inc. (NASDAQ:PCAR) by 1.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,281,414 shares of the company’s stock after selling 44,375 shares during the quarter. First Trust Advisors LP owned approximately 0.82% of PACCAR worth $420,948,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of PACCAR by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 63,111,444 shares of the company’s stock valued at $6,205,117,000 after purchasing an additional 485,678 shares during the period. State Street Corp grew its stake in PACCAR by 1.0% in the second quarter. State Street Corp now owns 22,534,596 shares of the company’s stock worth $2,142,139,000 after purchasing an additional 218,188 shares during the period. Geode Capital Management LLC grew its stake in PACCAR by 1.3% in the second quarter. Geode Capital Management LLC now owns 12,455,453 shares of the company’s stock worth $1,184,112,000 after purchasing an additional 159,632 shares during the period. JPMorgan Chase & Co. raised its holdings in PACCAR by 25.2% in the second quarter. JPMorgan Chase & Co. now owns 5,798,439 shares of the company’s stock worth $551,211,000 after purchasing an additional 1,165,443 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in PACCAR by 5.0% in the second quarter. Invesco Ltd. now owns 5,212,386 shares of the company’s stock worth $495,489,000 after purchasing an additional 246,410 shares in the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

Insider Buying and Selling

In other PACCAR news, CFO Brice J. Poplawski sold 2,200 shares of PACCAR stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $130.41, for a total value of $286,902.00. Following the completion of the sale, the chief financial officer owned 903 shares of the company’s stock, valued at approximately $117,760.23. This trade represents a 70.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP C Michael Dozier sold 79,076 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $127.92, for a total value of $10,115,401.92. Following the completion of the transaction, the executive vice president owned 34,656 shares of the company’s stock, valued at $4,433,195.52. This represents a 69.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 133,105 shares of company stock worth $16,869,046 over the last 90 days. 2.02% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PCAR. Wells Fargo & Company set a $119.00 target price on shares of PACCAR and gave the company an “equal weight” rating in a report on Friday, January 23rd. Wall Street Zen upgraded shares of PACCAR from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Truist Financial lifted their price target on shares of PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. Morgan Stanley set a $109.00 price objective on shares of PACCAR and gave the stock an “equal weight” rating in a report on Tuesday, February 3rd. Finally, Zacks Research raised shares of PACCAR from a “strong sell” rating to a “hold” rating in a research note on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $116.50.

PACCAR Stock Performance

Shares of PCAR stock opened at $120.43 on Friday. The company has a market capitalization of $63.33 billion, a price-to-earnings ratio of 26.70, a price-to-earnings-growth ratio of 1.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98. PACCAR Inc. has a one year low of $84.65 and a one year high of $131.88. The company’s 50-day moving average is $122.05 and its 200 day moving average is $108.53.

PACCAR (NASDAQ:PCAR) last issued its earnings results on Tuesday, January 27th. The company reported $1.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.06. The business had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.06 billion. PACCAR had a net margin of 8.35% and a return on equity of 13.97%. The business’s revenue for the quarter was down 15.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.66 earnings per share. Sell-side analysts expect that PACCAR Inc. will post 7.57 EPS for the current fiscal year.

PACCAR Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Wednesday, February 11th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Wednesday, February 11th. PACCAR’s payout ratio is presently 29.27%.

PACCAR Company Profile

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.